CLEVELAND (AP) -- The chief executive of National City has assured shareholders that the Cleveland-based banking company is not likely to be affected by the latest industry turmoil.
Investment bank Lehman Brothers has filed for Chapter 11 bankruptcy, while Merrill Lynch sold itself to Bank of America for $50 billion and insurer AIG is scrambling to raise cash to stave off a credit ratings downgrade.
National City Corp. CEO and president Peter Raskind said Monday that the regional bank has sufficient capital and a business model different from Lehman Brothers.
He spoke at a shareholders' meeting in Cleveland where National City investors approved final details of a $7 billion capital infusion deal that the bank announced in April.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to firstname.lastname@example.org. Please provide detailed information.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.